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LTC Properties (LTC) investor relations material
LTC Properties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Transformation includes new leadership, RIDEA/SHOP platform launch, and a focus on diversifying into senior housing, with 13 properties converted to SHOP and a major acquisition in California.
Portfolio consists of nearly 200 properties across 25 states, with a gross investment of $2.1 billion as of June 30, 2025.
SHOP segment expanded to 13 properties (832 units), generating $2.5M NOI in Q2 2025, $780K higher than prior leases, and average occupancy of 81%.
Recent acquisition: 67-unit seniors housing community in California for $35.2M at a 7% yield.
Investment pipeline of $400M for 2025, with $320M expected to close in 60 days, aiming to more than double the SHOP portfolio.
Financial highlights
Q2 2025 revenues were $60.2M, up from $50.1M in Q2 2024, driven by SHOP conversions and higher interest income.
Net income for Q2 2025 was $14.9M, down from $19.2M in Q2 2024, due to SHOP transition and related costs.
Core FFO per share was $0.67–$0.68; Core FAD per share was $0.66–$0.71; FFO attributable to common stockholders was $23.4M.
Debt to annualized adjusted EBITDA for real estate at 4.2x; fixed charge coverage ratio at 5.1x.
Total liquidity at $674M as of June 30, 2025, with a new $600M unsecured credit facility.
Outlook and guidance
2025 full-year Core FFO guidance raised to $2.67–$2.71 per share; Core FAD guidance at $2.80–$2.83 per share.
SHOP portfolio expected to reach nearly 20% of total portfolio after pending investments.
SHOP NOI for 2025 projected at $10.4–$15.6M; normalized NOI growth of 3% annually for SHOP acquisitions.
Guidance assumes $400M in completed and anticipated investments, with $320M expected to close in 60 days.
Guidance excludes additional investments beyond those expected to close in the next 60 days.
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